Gilead Sciences, Inc. Reported a 5% increase in total revenues to $7.9 billion for the fourth quarter of 2025, according to a financial filing released Tuesday. The biopharmaceutical company, known for its HIV and liver disease treatments, too saw its full-year revenues rise by 2% to $29.4 billion.
The revenue growth in the fourth quarter was primarily fueled by increased sales of HIV therapies and treatments for liver diseases, though partially offset by a significant decline in sales of Veklury (remdesivir), the company’s COVID-19 treatment. Veklury sales fell 49% to $911 million for the full year, reflecting a decrease in COVID-19 hospitalizations. Despite the Veklury decline, overall product sales, excluding remdesivir, grew by 4% to $28.0 billion for the year.
Diluted earnings per share (EPS) for the fourth quarter reached $1.74, a rise from $1.42 in the same period of 2024. This increase was attributed to higher income tax benefits, net unrealized gains from equity securities, and increased product sales. However, on a non-GAAP basis, diluted EPS was $1.86, slightly down from $1.90 in the fourth quarter of 2024, due to higher acquired in-process research and development (IPR&D) expenses.
For the full year 2025, Gilead’s diluted EPS was $6.78, a substantial increase compared to $0.38 in 2024. This improvement was driven by lower IPR&D expenses and impairments, higher revenues, and reduced SG&A expenses.
Gilead’s HIV product sales experienced a 6% increase, reaching $20.8 billion for the full year. Biktarvy, a key HIV treatment, saw sales rise by 7% to $14.3 billion, while Descovy sales surged by 31% to $2.8 billion. The company’s liver disease portfolio also performed strongly, with a 6% increase in sales to $3.2 billion, driven by demand for Livdelzi and other hepatitis treatments.
Cell Therapy product sales decreased by 7% to $1.8 billion, facing increased competition. Gilead reported generating $3.3 billion in operating cash flow during the fourth quarter, allocating $1.0 billion to dividends and repurchasing $230 million of its common stock.
The company has been actively pursuing strategic initiatives, including the acquisition of Interius BioTherapeutics and ongoing collaborations with Shenzhen Pregene Biopharma and LEO Pharma. Gilead’s Chairman and CEO, Daniel O’Day, highlighted the successful U.S. Launch of Yeztugo, the first twice-yearly HIV prevention therapy, and expressed optimism about potential latest launches in 2026, including two cancer therapies and an additional HIV treatment option.
Gilead’s Board of Directors has declared a quarterly dividend of $0.82 per share, payable on March 30, 2026. Looking ahead to the full year 2026, Gilead anticipates product sales to be between $29.6 billion and $30.0 billion, with a non-GAAP diluted EPS projection ranging from $8.45 to $8.85.
Recent industry reports indicate broader positive trends for the pharmaceutical sector. Aggregate revenue for big pharma increased by 7.9% in 2024, and 2024 saw growth recovery for almost all top biopharma companies, according to reports from The Pharma Letter and Pharmaceutical Technology.
In a separate development, Johnson & Johnson recently reached a drug pricing agreement with former President Trump, securing a tariff reprieve, as reported by The Globe and Mail.
